Agent Banking

Agent Banking is one of the strong tools of Financial Inclusion. It is the way of providing Banking and Financial service to the unbanked population through engaging Agents under a valid Agency agreement. The Agent is the owner of an outlet who conducts Banking transaction on behalf of a Bank.

Agent Banking

Agent Banking is one of the strong tools of Financial Inclusion. It is the way of providing Banking and Financial service to the unbanked population through engaging Agents under a valid Agency agreement. The Agent is the owner of an outlet who conducts Banking transaction on behalf of a Bank.

AB Bank Agent Banking

AB Bank in its effort to reach the unbanked people of the country started Agent Banking Operations from January 17, 2018. The customers of Agent Banking points /outlets will be able to carry out the basic banking services at these outlets. With the growth of Agent Banking, more and more population will be coming under banking net which will help them to become more responsible citizen.

Service of AB Agent Banking

Under Agent Banking, the Bank has the scope to provide the following services:

Have willingness and capacity to invest in managing liquidity, risk management, security management & continuous capacity development of agent banking outlets of the bank

What are the Non eligibilities to be an Agent?

Bank related persons as defined in section 26M of the Bank-Company Act, 1991.
Bank officials will not be eligible to become an agent in the same bank within 1
(one) year of his/her retirement or resignation.

Defaulters with any bank or financial institution.

Bankrupts.

Convicted by a court of law, up to 3 (three) years after completion of sentences or penalties.

Under investigation for any criminal charges.

Under investigation or convicted of money laundering or terrorist financing activities.

Under investigation of the Anti-Corruption Commission.

What are documents to be affixed with the application form to become an Agent of AB Bank.

Do the Agent needs to deposit security money with the Bank?

No requirement. However, as the Agent Banking is based on prepaid module, as such, the Agent needs to keep some amount in his account and in his hand to carry out the business. The account balance should be Tk.2.00 lac on an average.

Is there any agreement between Agent & Bank?

An Agent will be appointed through valid agreement conducted between Bank and the Agent incorporating Bangladesh Bank guideline.

Does the Agent require approval from Bangladesh Bank or Concerned Bank to run the Agent outlet?

To run the Agent outlet the concerned Bank will provide approval letter signed by its Managing Director of the Bank. However, Agent will not require any additional approval from Bangladesh bank.

How many manpower require to run the Agent outlet and who will bear the cost?

Agent will require at least 2 persons to run the agent outlet and the cost will be borne the agent.

Who will bear the cost to run the Agent outlet?

The Agent owner will bear the cost to run the Agent outlet.

How much floor space require to open an Agent outlet, who will provide the lay out plan and bear the cost of establishment?

At least 300 sft. area is required to open an Agent outlet. Bank will provide the layout plan and the cost to be bear by the Agent.

Will there any Bank representative in the Agent outlet?

Yes, bank will provide one representative of the bank at its own cost.

Is there any Training facilities for Agent?

Bank will train to develop the knowledge of the Agent in the following areas:
Concept of Agent Banking

Rules and regulations of Banks and other Regulatory Authority

Agent Banking products and services

IT infrastructure and Electronic device

Software

Marketing and Communication Skill; and

Related issues

Can agent conduct any other business transaction other than the Banking transactions from Agent outlet?

Agent cannot conduct any other business transaction other than the Banking transactions from Agent outlet.

What is the transactions Hour of Agent banking outlet?

Agent will conduct the business according to regular business hours (i.e. 10 AM to 6.00 pM). However, the bank may extend or reduce the transaction hour and day according to the need of the Agent outlets in case to case basis.

What is the Transaction Limit at Agent outlet?

Amount in Lac

Daily Number of Transactions and Amount Limit

Nature of Accounts

Cash Deposit

Cash Withdrawal

Transfer/BEFTN/Inter-bank/Intra-bank

No. of transactions

Total Volume

No. of transactions

Total Volume

No. of transactions

Total Volume

Current Account

4

6

2

5

4

15

Savings Account

2

4

2

3

2

5

SND

4

6

2

3

4

10

Can Transactions beyond the established limits may also be carried?

Transactions beyond the established limits may also be carried but this shall require at least 1 (one) working day prior notice to the bank through the agent.

Any other activity as Bangladesh Bank may prescribe from time to time.

What are the documents required to open accounts from Agent outlets?

Regular set of documents will be used to open accounts from Agent outlets.

Is it safe open an account and conduct transaction through Agent outlet?

Opening account and conduct transaction from ABBL Agent outlets is absolutely safe and secured. To ensure security bank has undertaken biometric authentication along with regular banking practice. To ensure security of the transaction at Agent outlet the customers will receive confirmation SMS and an auto generated receipt after every transaction conducted at Agent outlet.

Can deposits or withdrawal be made just after opening an account?

Deposits can be made just after opening an account. However, withdrawal can be made after authorization of the account by the competent authority of the Bank. Generally it takes 5 to 7 working days to approve an account. Once the account is approved the customer will receive a confirmation SMS in his registered mobile.

Deposit products from ABBL Agent outlets:

Customer can open all the deposit products of the bank from Agent outlets like:

Do the Agent banking customer will be able to avail all regular Banking services?

Agent Banking Customers are regular customer of the Bank, as such, will be able to avail all regular services from both Agent outlet and Bank Branch. Client will have to visit Bank Branch to collect their Debit card, Cheque book, conduct foreign exchange transaction and some other complicated issues.

Do the transactions will be executed on real time basis?

All the transactions real time transaction.

Can a customer of agent outlet request for Cheque book?

Yes, cheque book can be issued as per Agent customer’s request.

Can a customer of agent outlet request for Debit Card?

Yes, debit card can be issued as per Agent customer’s request.

Is there any Loan facilities for agent outlet customers?

Clients at Agent outlet can apply for loan.

Is there any AML/CFT policies for Agent outlet?

Bank and its Agent shall comply with prevailing Anti-Money Laundering (AML)/Combating financing of terrorism (CFT) related laws, regulations and guidelines issued by Bangladesh Bank from time to time.